Profits More Than Double At Milano Restaurant Company
Pre-tax profits at Agenbite Ltd, the company that runs the Milano restaurant chain in Ireland, rose over 100% to €6.8 million in 2016.
Agenbite's revenues rose 68% from €20 million to €33.82 million last year, however, according to The Irish Independent, the figures the firm has lodged with the Companies Office are skewed due to the fact that they encompass an 18-month period ending on December 25 2016 compared to a prior one-year period.
The directors' report revealed that revenues rose 7% during the year ending on June 26 2016, with the subsequent 26-week period seeing an increase of 10.7% in revenues as a result of a mixture of like-for-like sales growth and the opening of a new restaurant.
Meanwhile, the company's rental costs rose from €2.3 million to €3.6 million, while employment numbers rose from 427 to 494, with staff costs increasing from €7.6 million to €12.73 million and the figure paid to directors rising from €1.2 million to €1.55 million. Additionally, accumulated profits totaled €23.4 million and the company's cash pile during the year dropped from €4.89 million to €1.9 million.